Trades and observations from a British contrarian stock investor

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Tuesday, January 4, 2011

Xcite Energy CPR (Competent Persons Report) imminent

Xcite announced this morning that the Bentley 9/3b-6z well had been successfully suspended for potential future use. "In addition to the successful well flow test announced on 21 December 2010, high quality downhole pressure, temperature and sample data has been safely recovered following a 36 hour shut in and build up period after the flow test.

Analysis and interpretation of this data will now commence, with the intention to update the information in the February 2009 Competent Persons Report potentially enabling a reserves report to be issued in due course."

In addition news was also released that the directors & other staff had been issued with additional share options priced at 370p and exercisable over the next 5 years.

The imminent release of the CPR (Competent Persons Report) is the key piece of news and it is reassuring that it will be available shortly with a potential substantial reserves upgrade. Should be a good day for Xcite shares today!
Posted by Contrarian Investor UK at 8:11 AM
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2 comments:

  1. HortJanuary 4, 2011 at 10:25 AM

    Here is a Proactive Investors article on Xcite, based on this morning's RNS.

    >>>


    Xcite successfully suspends well 9/3b-6z as it begins assessing data
    Tuesday, January 04, 2011 by Ian Lyall


    http://www.proactiveinvestors.co.uk/companies/news/24307/xcite-successfully-suspends-well-93b-6z-as-it-begins-assessing-data-24307.html

    ReplyDelete
  2. AnonymousJanuary 4, 2011 at 8:44 PM

    And they ran a cheeky test afterwards which none of the iii mafioso knew about until this morning.

    Classy. I love XEL.

    ReplyDelete

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